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GM Will Seek Higher Prices On Cars Sold to Rental Firms
Keywords:
Tags: United States, Automobiles,
During the first quarter 41% of the passenger cars sold in N. America went to rental car fleets. A big number. GM expects to reduce this by 5-10% in 2007. In 2006 GM sales to fleets are expected to be 600,000, with an estimate of 540,000 for 2007. Changes in rental car fleets include- older cars being phased out and replaced by newer models at higher prices which will now stay on the rental fleet for 9-12 instead of 6-8 months, with higher mileage approaching 30,000 which puts them outside the range of new cars. In previous years a rental car company would put cars used for 6-12 months back on the market resulting puting them in competition with new cars and bringing down new car prices. Rental companies like Hertz Avis etc buy about 2 million cars a year.
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Detroit carmakers and sales to rental fleets
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The practice of sales to rental fleets is affecting the Detroit automakers adversely in terms of prices for new vehicles competing with rental fleet cars on the market after 6-12 months of use by rental car companies. Rental car companies buy about 2 million cars a year with a large concentration of vehicles from GM, Ford and Chrysler. In fact GM sold 41% of its vehicles to rental fleets in 2006- 600,000 cars.
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